OT: Stolen Vehicle, Equitable Insurance Return

[m_sasso]

Went out front of my house this morning to drive into town and my Nissan Pathfinder is gone. Reported to the police and insurance company. Never had a vehicle stolen before, what are the things I should be doing in order to be confidant I am fairly compensated through my insurance company on this vehicle? How are the values of an older vehicle determined? Likely not a lot of value to any one else, except to trash and 4 wheel joy ride, to me it had years of life left in it! Not Happy!

[yinzerniner]

Originally Posted by m_sasso

Went out front of my house this morning to drive into town and my Nissan Pathfinder is gone. Reported to the police and insurance company. Never had a vehicle stolen before, what are the things I should be doing in order to be confidant I am fairly compensated through my insurance company on this vehicle? How are the values of an older vehicle determined? Likely not a lot of value to any one else, except to trash and 4 wheel joy ride, to me it had years of life left in it! Not Happy!

I've had total loss claims on two vehicles, and generally they offer very generous values above comparable KBB values. Both vehicles were roughly 10% above KBB, and I think it's due to the insurance company not wanting to spend the extra time and money for haggling on something they know they'll have to pay out.

But it definitely depends on which insurance carrier you have as well. Some are better than others in this regard, and both my claims were with Liberty Mutual which was phenomenal to deal with.

The one caveat is the total loss will create a hit the next time you need to re-up. I don't it'll be that large since the amount paid out will probably be low considering the vehicle, but something to consider.

[Ken Robb]

Insurance company will probably offer you retail book value. If your car was way better than average and you have proof of that you MAY be able to get more. When my Ducati was totaled USAA offered me retail book value which was more than I thought I would have been able to get if I had sold it myself. I think they really wanted to give me enough to replace it with a similar used bike.

Hmmm, since you suggest that it was pretty old I wonder if you had comprehensive coverage rather than just liability insurance?

[rccardr]

Make sure you claim for everything that was INSIDE the vigicle when stolen, e.g. prescriptions, sunglasses, emergency equipment, and all that crap we carry around in our cars, generally.

[m_sasso]

Originally Posted by Ken Robb

Hmmm, since you suggest that it was pretty old I wonder if you had comprehensive coverage rather than just liability insurance?

In previous years I had dropped my comprehensive coverage because what I was paying out for comprehensive was likely higher than what I would ever receive from the insurance company for a total loss.

This year when I renewed my insurance at the very last moment I asked for a quote on comprehensive coverage as compared to liability only. The difference was less than $81.00 for the year. So one of the few times I made a smart decision, I chose to purchase comprehensive coverage this year, so positively know I am covered.

Like I mentioned previously, certainly more value to me, as I almost assuredly won't be able to purchase as well cared for and reliable replacement for what the insurance company is likely to pay out.

The vehicle has been well maintained, other than over sized tires, small suspension lift and a trailer hitch I have not spent a lot of dollars on outfitting it with options. There were a few personal possessions, in the vehicle umbrellas, small tools, maps, a few books, sunglasses.... however nothing of any great value.

[flydhest]

I had this happen to me. Pray that they do not find the car. For me, they found it just after the cutoff time period and so I was compensated and as others have noted, it was more than I probably could have got selling the car myself. Had they found the car a couple days earlier, the insurance company could have opted to repair known damage, but I am pretty sure I would not have wanted the car.

[jghall]

Sorry to hear. Glad you purchased comp. Unless purchased extra insurance, you'll likely get the actual cash value for the car and/or whatever personal possessions you had in the car.

While right up there with a root canal, just read your policy. It's all in there.

[madsciencenow]

I had a car stolen out of my garage during a break in and it had 173k miles on it. It was a similar situation to what you are describing. I had to haggle a bit with insurance and eventually got a fair price out of it but it really wasn’t what the vehicle was worth to me with regard to the value of a well maintained and reliable vehicle. I recall the personal property within the vehicle was capped at $200 and I had to wait thirty days to make sure it wasn’t found. It’s a major hassle and you probably won’t feel like you came out on top when it’s all said and done.

Sorry for your loss


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[Irishgirl]

This totally stinks! And such an inconvenience for you on many levels. It’s always disappointing to read about someone consciously stealing someone’s property.

Only speaking with regards to IL as it may be different in different states or countries.

Coverage for stolen vehicles falls under comprehensive coverage....and good thing you added it!

You may be able to be compensated for attached add ons or upgrades such as aftermarket radios or trailer hitches.

There is minimal coverage for personal property ie sunglasses, books or umbrellas and can also vary between insurance providers. You can find the dollar thresholds stated within the policy. For additional coverage for the personal property you can make a claim under your homeowners- keep in mind your homeowners deductible will apply separately.

A couple of things to be aware of:

Tires - if you recently replaced your tires you may be entitled to a higher settlement with documentation - it may not be a significant amount.

Taxes - if you plan on buying another car to replace the stolen one (check out the thread within this forum that recently talks about car buying experiences/tips - many great words of wisdom, some funny stories and overall great tips and identified pitfalls) you may be entitled to receive some of taxes you encore for the new purchase as well as any license/titling fees.

The important thing to note is to be an advocate for yourself - do your homework on establishing the value with documented resources.

If you don’t have car rental coverage which is a separate coverage within your policy...your policy may also provide car rental coverage (with limits on days and dollar amounts).

The trick is going to find a similar gem to the one you had...putting on a positive spin ...you might get a different car you like better

Hope this is helpful and hope next week is better!



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[bart998]

Prepare ahead of time. Find ads for cars just like yours to prove the value. A company tried to low-ball me and showed me their "comps." I showed how my car was better than those and found some better comps and was able to argue for a small raise.

[m_sasso]

Thanks much for taking the time to pass along your advise and kind words, also thankful spring is here and I can manage a bit more comfortably with my bikes for the time being.

Looked out this morning and it hasn't made its way home, looks like it's gone for an extended joy ride, the tank was 3/4 full.

I guess this is one of the negative issues of a 4 wheel drive vehicle, can almost guarantee is going to have been abused by the kids that steal them if it is recovered.

Currently waiting for the assigned adjuster to give me a call and where to go from there.

[madsciencenow]

Originally Posted by bart998

Prepare ahead of time. Find ads for cars just like yours to prove the value. A company tried to low-ball me and showed me their "comps." I showed how my car was better than those and found some better comps and was able to argue for a small raise.

+1. I recall doing this as well. Needed to substantiate my car’s value.


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[m_sasso]

Good news, the truck has been recovered and said to be in good condition locally by the RCMP. It is currently in a recovery yard awaiting finger printing and insurance clearance. Hopefully I get it back in a few days and insurance covers most of the associated costs.

Thanks again!

[m_sasso]

Bad news, truck stolen again, get it back from the insurance company, have it less than two weeks and it is stolen again. I am almost wishing it doesn't come back this time! Grrrrrr.........!

[Henrythewound]

Originally Posted by m_sasso

Bad news, truck stolen again, get it back from the insurance company, have it less than two weeks and it is stolen again. I am almost wishing it doesn't come back this time! Grrrrrr.........!

What? this is crazy. I'm assuming same people who stole it the 1st time? Did you leave it running?